A small, family-run professional painting provider based in Perth, Western Australia sought help correcting their outstanding compliance issues. Dexterous came in to provide advice and assistance whilst also overhauling their financial procedures and processes to help solidify business prosperity.
Situation
In late 2018, the painting business, was shocked to be notified by the Australian Tax Office (ATO) that the company’s compliance obligations were overdue. This included business activity statements (BAS), instalment activity statements (IAS), income tax returns, Super contributions, and Single Touch Payroll reports. Seeking expert financial advice and support to expedite corrections of these obligations to avoid penalties, the company approached Dexterous to undertake a major compliance overhaul.
Led by Dexterous Client Manager, Thomas King, Dexterous assembled a small team of accountants based offshore in Manila to work on this major accounting project. Utilising cloud-based software systems, the team immediately began working seamlessly with the client to investigate, analyse and correct the painting company’s accounting system and records.
Further, when the coronavirus pandemic hit in 2020, the business became at risk of being excluded from COVID-19 relief subsidies provided by the ATO due to the existing compliance issues. With Dexterous already on hand, they could leverage the team’s expert knowledge and constructive working relationship with the ATO to try to navigate the compliance issues.
Solution
Dexterous have successfully adapted the aforementioned business’ finance function in numerous ways. Firstly, Dexterous have been able to correct and manage the client’s compliance obligations by:
- Reconciling all bank accounts from 2018 to date
- Lodging all compliance from 2018, 2019 and 2020 whilst negotiating ATO payment plans as required,
- Working with the ATO to enable the painting company’s access to the JobKeeper and cash flow boost government subsidies.
Secondly, Dexterous have supported the client to improve their accounting and bookkeeping function. These essential updates will effectively and efficiently support the team to focus on growing their sales and services across Perth. Thus far, Dexterous have assisted with:
- Upgrading the company from paper invoicing and payment to a bookkeeping software system that enables online reporting and lodging
- Introducing online accounting to the team and training staff to use Xero
- Integrating a more robust accounts payable and receivable function to allow the company informed cash flow reporting
- Providing management reporting to track the company’s financial wellbeing
Lastly, with the business’ accounting and bookkeeping function updated and operating efficiently, Dexterous will soon commence managing monthly balance sheet account reconciliations, and financial reporting and analysis to management.
Outcome
The painting business’ financial function has been transformed from a cumbersome, manual, accounting effort to a streamlined, efficient accounting system that supports their everyday business performance and ongoing growth. With the introduction of digital solutions by Dexterous, the client can now utilise and understand their business data instantly to enable informed decision-making across all areas of their business.
“Dexterous’ professional advice and guidance has helped us overcome a challenging time as a business. Plus, our accounts are now set up to run more efficiently which helps us focus our time on our client work.” – a representative from the painting services provider.
Learn More
Dexterous is a progressive financial accounting and bookkeeping provider that can ably and flexibly support your business. With a series of fixed-price packages on offer, you can scale up your support as you need. Talk to us today about your business on 1300 996 928 or hello@dexterousgroup.com.au.
